Merck Buys Peloton
Merck buys Peloton.
Merck buys Peloton Therapeutics for $1.05 billion.
Peloton's molecular therapy biotech treatments for patients with cancer and other non-oncology diseases are now in clinical trials. Peloton is focused on developing treatments that target a pathway activated by low oxygen levels.
This deal builds out the Merck oncology pipeline, strengthening its presence in the field of renal cell carcinoma. Merck’s blockbuster immunotherapy Keytruda, that helps turn the immune system against cancer cells, was approved last month in the United States.
Peloton will begin studying its lead drug, a kidney cancer treatment with the catchy code name PT2977, in a late-stage trial in the second half of 2019. In earlier mid-stage trials, testing patients whose cancer had spread even after treatment with at least one therapy, 24% of patients treated with Peloton’s drug showed a 30% shrinkage of targeted lesions.
Roger Perlmutter of Merck Research Laboratories said: ‘This acquisition exemplifies Merck’s strategy to pursue novel therapeutic candidates based on exceptionally promising and innovative research. Peloton scientists have applied their unique ability in HIF-2α biology to develop PT2977, which has already shown intriguing activity in the treatment of renal cell carcinoma. We look forward to advancing this late-stage asset as part of our broad oncology R&D program.’
John Josey of Peloton said: ‘Merck is recognized as a leader in cancer research and shares our commitment to accelerating the development of candidates targeting HIF-2α to help patients with advanced cancers and other diseases. We are proud to have advanced PT2977 to this stage of development and believe that Merck is well suited to build upon the progress our company has made.’
Covington & Burling served as legal adviser to Merck. Credit Suisse served as a financial adviser.
Merck buys Peloton Therapeutics for $1.05 billion.
Peloton's molecular therapy biotech treatments for patients with cancer and other non-oncology diseases are now in clinical trials. Peloton is focused on developing treatments that target a pathway activated by low oxygen levels.
This deal builds out the Merck oncology pipeline, strengthening its presence in the field of renal cell carcinoma. Merck’s blockbuster immunotherapy Keytruda, that helps turn the immune system against cancer cells, was approved last month in the United States.
Peloton will begin studying its lead drug, a kidney cancer treatment with the catchy code name PT2977, in a late-stage trial in the second half of 2019. In earlier mid-stage trials, testing patients whose cancer had spread even after treatment with at least one therapy, 24% of patients treated with Peloton’s drug showed a 30% shrinkage of targeted lesions.
Roger Perlmutter of Merck Research Laboratories said: ‘This acquisition exemplifies Merck’s strategy to pursue novel therapeutic candidates based on exceptionally promising and innovative research. Peloton scientists have applied their unique ability in HIF-2α biology to develop PT2977, which has already shown intriguing activity in the treatment of renal cell carcinoma. We look forward to advancing this late-stage asset as part of our broad oncology R&D program.’
John Josey of Peloton said: ‘Merck is recognized as a leader in cancer research and shares our commitment to accelerating the development of candidates targeting HIF-2α to help patients with advanced cancers and other diseases. We are proud to have advanced PT2977 to this stage of development and believe that Merck is well suited to build upon the progress our company has made.’
Covington & Burling served as legal adviser to Merck. Credit Suisse served as a financial adviser.
Wilson Sonsini Goodrich & Rosati served as legal adviser to Peloton. Centerview Partners served as a financial adviser.
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